In the iconic 1984 film The Karate Kid, Daniel, the young protégé of Mr. Miyagi, can’t understand why he’s being told to do basic tasks such as paint the fence, sand the floor, or polish the car with “wax on, wax off.” Daniel thinks he should focus on karate moves. While he pushes through and does what Mr. Miyagi tells him, Daniel eventually realizes the value and relevance of these tasks when he begins to spar. Each task in its own way serves as the basis for developing Daniel’s martial arts skills and ultimately prepare him to win the tournament against the Cobra Kai.
While we’ll never know if Daniel subsequently dropped his martial arts training to pursue a career as a CPA, one thing is certain – Mr. Miyagi taught the essential lesson that learning the basics and understanding foundational concepts is the key to success.
CPA candidates can learn a thing or two from Mr. Miyagi’s teachings when it comes to understanding the importance of the content covered in the Business Environment and Concepts (BEC) section, and how to manage it when sitting for the Exam. Since the introduction of BEC, the section has long been a mix of essential general business information, including corporate governance, economics, information technology, and financial and operations management, which provides a foundation for the other sections of Audit and Attestation (AUD), Financial Accounting and Reporting (FAR) and Regulation (REG). As a component of the Exam, the section reinforces the value of core business knowledge that a CPA must bring to the table when providing audit, accounting and tax services.